Velocity Announces Commencement of Phase II Drilling at Iglika Property, Bulgaria
Velocity Announces Commencement of Phase
II Drilling at Iglika Property, Bulgaria
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - Velocity Minerals Ltd. (TSXV:
VLC) (OTCQB: VLCJF) ("
Velocity
" or the "
Company
") announces that drilling has restarted at the
Iglika copper-gold property ("
Iglika
" or the "
Property
"), located in southeast Bulgaria.
The drill program
is fully funded by Dundee Precious Metals Inc. ("
DPM
").
Phase II Drilling Highlights
The phase II drill program is planned at approximately 7,000m of drilling in 13 drill holes (
Figure 1
), with
2,500m planned to be completed by year end and the remainder in Q1 2024.
The drilling campaign is
simultaneously focused on testing geochemical and geophysical targets as well as establishing
geological stratigraphy on the property, with drill holes planned to reach a maximum depth of 1,000m.
Drilling completed in August 2023 totaled 3,275m, which together with the current Phase II will total
approximately 10,075m.
Holistic Exploration Approach
The property has potential for multiple mineral deposit types including copper porphyry, copper skarn,
and epithermal gold.
Surface exploration completed at the Property to date includes approximately 610
rock samples, 2,750 soil samples, 2,300 multi-horizon soil samples, 600-line km of magnetic data, 110-
line km of induced polarization, and 15,000 radiometric measurements.
This work, together with
extensive mapping and prospecting, has identified multiple target areas for drill testing.
Quality Assurance / Quality Control
The work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG RPGeo, the
Company's Vice President Operations who is responsible for all aspects of the work, including the
quality control/quality assurance program. On-site personnel at the project rigorously collect and track
samples which are then security sealed and shipped to ALS Global laboratory in Romania (soil
samples) or SGS Mineral Services laboratory in Bor, Serbia (drill core), for sample preparation and
subsequent analysis. Drill core samples are prepared and analyzed by fire assay using a 30-gram
charge and multi-element analysis with four acid digestion using an Inductively Coupled Mass
Spectrometer in compliance with industry standards at SGS Mineral Services laboratory. Soil samples
are prepared in compliance with industry standards at ALS' Romanian laboratory then a sample split of
the milled material (pulp) is shipped to ALS' Irish laboratory for Trace Detection Limit method for a gold
plus multi-element package by aqua regia digestion for acid extractable gold - 25g. Field duplicate
samples, blanks and independent controlled reference material (standards) are added to every batch.
Geophysical surveys are carried out by geophysical consultants using up-to-date technologies, with the
results checked by a third-party independent geophysicist for quality control. Raw geophysical data is
processed and corrected, and the results are interpreted by 2 independent groups of geophysicists
under the direction of Company staff.
Figure 1. Geology map of the Iglika Property showing location of completed and planned drill
holes.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/4368/187302_c73da07534b55bb6_002full.jpg
Qualified Person
The technical content of this release has been approved for disclosure by Daniel Marinov, RPGeo, a
Qualified Person as defined by NI 43-101 and the Company's Vice President Operations.
Mr. Marinov is
not independent of the Company as he is a director, officer, shareholder, and holds incentive stock
options.
About Velocity Minerals Ltd.
Velocity is a precious metals and copper explorer focused in Eastern Europe.
In Bulgaria, Velocity has a
70% interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit.
Velocity
also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in
the Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo
property (which is contiguous with the Makedontsi project).
The Company holds a 100% interest in the
Iglika copper-gold exploration property and recently entered into an option agreement with DPM who
have an option to earn a 75% interest in the property.
The Company has also entered into agreements to
acquire a 75% interest in the Zlatusha and Kalabak copper-gold exploration properties.
On Behalf of the Board of Directors
"Keith Henderson"
President & CEO
For further information, please contact:
Keith Henderson
Phone: +1-604-484-1233
E-mail:
Web:
www.velocityminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
This news release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation.
All statements, other than statements of historical fact, included herein including, without limitation,
statements regarding the exercise of the Option by DPM, the entering into of the Definitive Agreement,
the formation of the JV, and the anticipated business plans and timing of future activities of the
Company, are forward-looking statements.
Although the Company believes that such statements are
reasonable, it can give no assurance that such expectations will prove to be correct.
Often, but not
always, forward looking information can be identified by words such as "pro forma", "plans", "expects",
"may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates",
"believes", "potential" or variations of such words including negative variations thereof, and phrases that
refer to certain actions, events or results that may, could, would, might or will occur or be taken or
achieved.
In making the forward-looking statements in this news release, the Company has applied
several material assumptions, including without limitation, that market fundamentals will result in
sustained precious metals demand and prices, the receipt of any necessary permits, licenses and
regulatory approvals in connection with the future development of the Property in a timely manner, the
availability of financing on suitable terms for the development, construction and continued operation of
the Property, and the Company's ability to comply with environmental, health and safety laws.
Forward-Looking statements involve known and unknown risks, uncertainties and other factors which
may cause the actual results, performance or achievements of the Company to differ materially from any
future results, performance or achievements expressed or implied by the forward-looking information.
Such risks and other factors include, among others, operating and technical difficulties in connection with
mineral exploration and development and mine development activities at the Property, estimation or
realization of mineral reserves and mineral resources, requirements for additional capital, future prices
of precious metals and copper, changes in general economic conditions, changes in the financial
markets and in the demand and market price for commodities, possible variations in ore grade or
recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents,
labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain
any necessary permits, consents or authorizations required, including TSX Venture Exchange
acceptance, financing or other planned activities, changes in laws, regulations and policies affecting
mining operations, currency fluctuations, title disputes or claims limitations on insurance coverage and
the timing and possible outcome of pending litigation, environmental issues and liabilities, risks relating
to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's
business, risks related to joint venture operations, and risks related to the integration of acquisitions, as
well as those factors discussed under the heading "Risk Factors" in the Company's latest Management
Discussion and Analysis and other filings of the Company with the Canadian Securities Authorities,
copies of which can be found under the Company's profile on the SEDAR website at
www.sedarplus.ca
.
Readers are cautioned not to place undue reliance on forward-looking statements.
Except as otherwise
required by law, the Company undertakes no obligation to update any of the forward-looking information
in this news release or incorporated by reference herein.
- 30 -
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